Title: “Crimes under the Provisions of the Capital Markets Authority Law” University Awareness Workshop

Kuwait, October 8, 2023 –The Capital Markets Authority (CMA) commenced on Wednesday, October 4, its National Project for Enhancing Financial Inclusion and Investment Awareness for the third quarter of its financial year (2023/2024) with a university awareness workshop entitled “Crimes under the Provisions of the Capital Markets Authority Law”.

The workshop was held at Kuwait International Law School (KILAW) and witnessed a distinguished attendance of faculty members and students from various college disciplines and students. It started with an opening speech by Dr. Sayed Hashem Alhanian – Assistant Professor of Economics and Public Finance at the College, where he presented the objectives of the cooperation between the College and the CMA in general, and in particular those relevant to the joint awareness activities, including this workshop.

Following that, Mr. Khaled Al-Saqer – Awareness Office Director and Editor-in-Chief of CMA’s Awareness Magazine, delivered a brief overview of the CMA , its establishment rationale and objectives. He also presented its National Project for Enhancing Financial Inclusion and Investment Awareness, executed through the Awareness Office, and its goals related to enhancing financial inclusion among various segment of society, including students at different educational levels, by developing specialized awareness programs, curricula, and initiatives in general, and  investment and securities activities in particular.

Mr. Al-Saqer also welcomed any proposals that support the CMA’s awareness directives, in line with the needs of students in the various educational fields, especially those related to legal, financial, and investment areas.

Then, there was a brief introduction to  “Mulem “ Gulf Joint Awareness Program by Ms. Huda Al-Shatti, Senior Specialist in the Awareness Office and member of the Gulf Executive Team for “Mulem” program. She presented the topic of the second Gulf Smart Investor competition, its pathways, and its million-dollar prizes. The competition provides an opportunity for  citizens and residents of the GCC countries to participate during the period between September and November of the current year.

The workshop then proceeded to discuss its main topic through a lecture allocated to “Crimes under the Provisions of CMA Law No. 7 of 2010 and its Amendments”. It was presented by Mr. Nawaf Alsaleem, Advisor in the Legal Affairs Sector at the CMA, and Mr. Omar Mahmoud, Investigation Department Director at the CMA.

They began with an overview of the historical development of the legislations related to Kuwait Securities Market and its regulations, leading to the new  requirements at the beginning of the new millennium, which required the establishment of an independent entity responsible for the regulation, supervision, and control of the capital market. Then, the lecturers reviewed the topics of the workshop in detail, beginning with the first topic of “The nature of crimes in the capital markets and the purpose of their inclusion in CMA’s Law” where they highlighted the most important protected interests adopted by the mentioned Law.

The regulation of jurisdiction and procedures before the competent court stipulated in CMA’s Law” was the second topic of the workshop, which reviewed the provisions of Articles (108 to 116) of the Law on this regard.

The third topic focused on “Crimes in the capital markets, their penalties and violations stipulated in Law No. 7 of 2010”. They reviewed Articles (117 to 137) of CMA’s Law that included criminal actions whose offender shall be punished and the penalties of each action. It also focused on the most prominent crimes of selling and purchasing based on internal information, disclosing internal information, or giving advice based on that information, in addition to the crime of price manipulation according to the provisions of Article (122).

The workshop concluded with the lecturers point of CMA’s vision to become a leading and developed regulatory and supervisory authority that aims to upgrade the capital markets in the State of Kuwait and become an attractive investment environment that ensures the investor confidence.

Ends-
Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw